You get a checking account by default, but only if you choose one
When you open an account at Chase, the bank does not automatically give you a checking account. You have to pick which type of account you want during the signup process. Chase offers checking, savings, and money market accounts as separate products. If you do not select checking, you will not have one — you will have whatever you chose instead.
The reason this matters: a checking account is built for spending. It comes with a debit card, online bill pay, and the ability to write checks. A savings account is built for holding money and earning interest; it has limits on how many times per month you can withdraw. If you need to pay bills and buy things regularly, you need checking. If you only want to store money, savings works differently.
Chase makes you pick at signup, either online or in a branch. The choice takes about two minutes. You cannot accidentally end up with the wrong account type — the form asks you directly.
Key Takeaways
- Chase does not assign you a checking account automatically; you must select it during signup.
- Checking accounts come with a debit card and bill pay features, while savings accounts have withdrawal limits and earn interest.
- You choose your account type on the signup form, either online or in a Chase branch.
- You can open both a checking and a savings account at the same time if you want both.
The difference between checking and savings at Chase
A checking account at Chase gives you a debit card, online bill pay, and the ability to write checks. There is no limit on how many times you can withdraw money or spend from the account each month. You can set up direct deposit. Most checking accounts at Chase do not earn interest on your balance, though some premium accounts do.
A savings account at Chase earns interest on the money you keep in it. The interest rate changes based on what the Federal Reserve does, so it varies over time. Savings accounts have a federal limit: you can make only six withdrawals or transfers out per month before fees kick in. This limit exists because savings accounts are meant to hold money, not move it around constantly.
Chase also offers money market accounts, which sit between checking and savings. They earn interest like savings accounts but come with a debit card and checkbook like checking accounts. They also have the six-withdrawal limit.
If you are not sure which one you need, ask yourself: do I need to spend from this account regularly, or do I want to hold money and earn interest? Checking is for spending. Savings is for holding.
How to pick your account type during signup
When you sign up online or in a Chase branch, the form will show you the account options available in your state. Chase does not offer the same products everywhere — some states have different account types or different names for the same account.
You will see the account name, the monthly fee (if there is one), and what you get with it. Read the features listed: if you see "debit card" and "bill pay", it is checking. If you see "interest" and "withdrawal limits", it is savings. The form will ask you to pick one before you can move forward.
You can open more than one account type at the same time. Many people open both a checking account (for spending) and a savings account (for emergency money). Chase will let you do this in a single signup session.
Monthly fees and account requirements
Chase checking accounts have monthly fees that range depending on the account type. Some accounts have no monthly fee if you meet certain requirements, like setting up direct deposit or keeping a minimum balance. Other accounts charge a fee no matter what.
The most common requirement is direct deposit — if your paycheck goes into the account automatically, the monthly fee is waived. The second most common is a minimum balance, usually between $500 and $1,500. If your balance drops below that, you pay the monthly fee.
Savings accounts also have monthly fees, though many have no fee at all. Money market accounts typically have higher minimum balance requirements than checking or savings.
Chase shows you the fee and the requirements before you open the account, so you know what you are signing up for. If you do not meet the requirements, you will see the fee charged each month on your statement.
What happens if you change your mind later
If you open a checking account and later decide you want a savings account too, you can open one without closing the checking account. You can do this online or in a branch. Chase will not charge you for opening a second account.
If you want to close an account, you can do that online or in a branch as well. You will need to move any money out of it first. Closing an account does not affect your other accounts at Chase.
You cannot convert a checking account into a savings account — you have to close one and open the other. But this is a straightforward process and takes about five minutes.
Debit card and online access with checking
When you open a checking account at Chase, the bank sends you a debit card in the mail. This usually arrives within 7 to 10 business days. You can use it to withdraw cash at Chase ATMs and other ATMs, and to pay for things at stores and online.
You get online access to your account when ready, even before the debit card arrives. You can log in to Chase.com or the Chase mobile app and see your balance, transfer money, and set up bill pay right away. You do not have to wait for the card to start using the account.
If you need cash before the card arrives, you can withdraw from a Chase branch or use your temporary digital card in the app to pay online.
Frequently Asked Questions
Can I open just a savings account without a checking account?
Yes. You choose which account type you want during signup. If you only select savings, that is what you will get. You do not have to open checking.
Do I have to keep a minimum balance to avoid fees?
It depends on which account you choose. Some Chase checking accounts waive the monthly fee if you keep a minimum balance, usually $500 to $1,500. Others waive the fee if you set up direct deposit. Read the fee and requirements before you open the account — Chase shows you both.
Can I open both checking and savings at the same time?
Yes. During signup, you can select both account types and open them together. You will have two separate accounts with two separate balances and two separate debit cards (if you choose checking).
What if I open the wrong account type by mistake?
You can close it and open the correct one. Closing takes about five minutes online or in a branch. You will need to move any money out first. There is no penalty for closing an account.
When will my debit card arrive?
Chase typically mails debit cards within 7 to 10 business days of account opening. You can use your account online when ready, even before the card arrives. You can also request a temporary digital card in the Chase app to use for online purchases right away.